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Auditor independence

A summary of Barclays’ Policy on the Provision of Services by the Group Statutory Auditor can be found below.

External auditor objectivity and independence: non-audit services

The overriding principle of the policy is that the Group should only engage the Auditor to supply non-audit services in exceptional circumstances.

The Board Audit Committee oversees compliance with the Policy and has the sole authority to approve the use of the Auditor for non-audit services. In addition, the Committee has pre-approved allowable services where the engagement fees are below £100,000 (or £25,000 in the case of certain taxation services). Group Finance and Barclays Corporate Secretariat deal with day-to-day administration of the Policy, facilitating requests for approval.

Details of the services that are prohibited and allowable are set out below

Services that are prohibited include:

  • Bookkeeping
  • Design and implementation of financial information systems
  • Internal control and risk management services
  • Appraisal or valuation services
  • Actuarial services
  • Internal audit outsourcing
  • Provision of management and human resources functions
  • Broker or dealer, investment advisor or investment banking services
  • Legal services
  • Tax services (including the preparation of tax forms, payroll tax and the provision of tax advice)
  • Expert services unrelated to the Group Statutory Audit
  • Transaction-related and restructuring services.

Allowable services that the Board Audit Committee considers for approval include:

  • Statutory audit and audit related services and regulatory non-audit services
  • Other attest and assurance services
  • Training, surveys and software
  • Risk management and controls advice
  • Transaction support
  • Limited taxation services (subject to the FRC Ethical Standard derogations)
  • Business support and recoveries
  • Translation services.